Money on Toast offers simplified advice through its website; the advice is known as ‘simplified’ because it offers investment portfolios and rebalancing of those portfolios by a trained adviser but it does not offer full financial planning that takes into account all financial needs.

Through teaming up with the site, Lighthouse will offer an ISA and general investment account to customers through, what it describes as, a low cost, online advice process.

The services will allow consumers to set out investment objectives, understand their attitude to risk and importantly capacity for loss in order to match them to suitable investment portfolios.

The service is the first of a range of financial planning serves planned by Lighthouse called ‘Keep it Simple’.

Malcolm Streatfield, chief executive of Lighthouse, said: ‘We look forward to reporting the conclusion of a successful trial in six months’ time and then rolling this service out to our other affinity partners.’

Money on Toast founder Charlie Nicholls said: ‘We are excited to be working with Lighthouse and are pleased that online advice serves will be brought to the attention of a large number of working people who need it.

‘It is past due that people are able to reap the benefits of technology and receive both financial advice and a discretionary portfolio management service online.’